Chapter1IntroductionCopyright©2003PearsonEducation,Inc.Slide1-2IntroductionWhatisInternationalEconomicsAbout?InternationalEconomics:TradeandMoneyCopyright©2003PearsonEducation,Inc.Slide1-3Internationaleconomicsdealswitheconomicinteractionsthatoccurbetweenindependentnations.•Theroleofgovernmentsinregulatinginternationaltradeandinvestmentissubstantial.•Analytically,internationalmarketsallowgovernmentstodiscriminateagainstasubgroupofcompanies.•Governmentsalsocontrolthesupplyofcurrency.Thereareseveralissuesthatrecurthroughoutthestudyofinternationaleconomics.WhatisInternationalEconomicsAbout?Copyright©2003PearsonEducation,Inc.Slide1-4TheGainsfromTrade•Manypeopleareskepticalaboutimportinggoodsthatacountrycouldproduceforitself.•Whencountriessellgoodsandservicestooneanother,allcountriesbenefit.•Tradeandincomedistribution–Internationaltrademighthurtsomegroupswithinnations.–Trade,technology,andwagesofhighandlow-skilledworkers.WhatisInternationalEconomicsAbout?Copyright©2003PearsonEducation,Inc.Slide1-5WhatisInternationalEconomicsAbout?–ThePatternofTrade(whosellswhattowhom?)–Climateandresourcesdeterminethetradepatternofseveralgoods.–Inmanufacturingandservicesthepatternoftradeismoresubtle.-Internationaldifferenceinlaborproductivity.-Therelativesuppliesofnationalresourcessuchascapital,labor,andlandononesideandtherelativeuseofthesefactorsintheproductionofdifferentgoodsontheother.-Asubstantialrandomcomponent.–Therearetwotypesoftrade:»Interindustrytradedependsondifferencesacrosscountries.»Intraindustrytradedependsonmarketsizeandoccursamongsimilarcountries.Copyright©2003PearsonEducation,Inc.Slide1-6Protectionism?•Manygovernmentsaretryingtoshieldcertainindustriesfrominternationalcompetition.•Thishascreatedthedebatedealingwiththecostsandbenefitsofprotectionrelativetofreetrade.–Advancedcountries’policiesengageinindustrialtargeting.–Developingcountries’policiespromoteindustrialization:–Importsubstitutionversusexportpromotionindustrialization.WhatisInternationalEconomicsAbout?Copyright©2003PearsonEducation,Inc.Slide1-7TheBalanceofPayments•Somecountriesrunlargetradesurpluses.–Forexample,in1998bothChinaandSouthKorearantradesurplusesofabout$40billioneach.•Isitgoodtorunatradesurplusandbadtorunatradedeficit?ExchangeRateDetermination•Theroleofchanging(floating)exchangeratesisatthecenterofinternationaleconomics.WhatisInternationalEconomicsAbout?Copyright©2003PearsonEducation,Inc.Slide1-8WhatisInternationalEconomicsAbout?InternationalPolicyCoordination•Afundamentalproblemininternationaleconomicsishowtoproduceanacceptabledegreeofharmonyamongtheinternationaltradeandmonetarypoliciesofdifferentcountrieswithoutaworldgovernmentthattellscountrieswhattodo.TheInternationalCapitalMarket•Therearerisksassociatedwithinternationalcapitalmarkets:–Currencydepreciation–NationaldefaultCopyright©2003PearsonEducation,Inc.Slide1-9InternationalEconomics:TradeandMoneyInternationaltradeanalysisfocusesprimarilyontherealtransactionsintheinternationaleconomy.•Thesetransactionsinvolveaphysicalmovementofgoodsoratangiblecommitmentofeconomicresources.–Example:TheconflictbetweentheUnitedStatesandEuropeoverEurope’ssubsidizedexportsofagriculturalproductsCopyright©2003PearsonEducation,Inc.Slide1-10Internationalmonetaryanalysisfocusesonthemonetarysideoftheinternationaleconomy.•Thatis,financialtransactionssuchasforeignpurchasesofU.S.dollars.–Example:ThedisputeoverwhethertheforeignexchangevalueofthedollarshouldbeallowedtofloatfreelyorbestabilizedbygovernmentactionInternationalEconomics:TradeandMoneyCopyright©2003PearsonEducation,Inc.Slide1-11Internationaltradeissues•PartI:InternationalTradeTheory•PartII:InternationalTradePolicyInternationalmonetaryissues•PartIII:ExchangeRatesandOpen-EconomyMacroeconomics•PartIV:InternationalMacroeconomicPolicyInternationalEconomics:TradeandMoneyCopyright©2003PearsonEducation,Inc.Slide1-12参考文献:(美)熊彼特,经济分析史,第一卷,商务印书馆,2001年,北京(美)约翰戈登,伟大的博弈,中信出版社,2005年厉以宁,资本主义的起源,商务印书馆,2003年中华人民共和国国家统计局网站:中国经济信息网:©2003PearsonEducation,Inc.Slide1-14ChapterOrganizationIntroductionTheConceptofComparativeAdvantageAOne-FactorEconomyTradeinaOne-FactorWorldComparativeAdvantagewithManyGoodsAddingTransportCostsandNontradedGoodsSummaryCopyright©2003PearsonEducation,Inc.Slide1-15Countriesengageininternationaltradefortwobasicreasons:•Theyaredifferentfromeachotherintermsofclimate,land,capital,labor,andtechnology.•Theytrytoachievescaleeconomiesinproduction.TheRicardianmodelisbasedontechnologicaldifferencesacrosscountries.•Thesetechnologicaldifferencesarereflectedindifferencesintheproductivityoflabor.IntroductionCopyright©2003PearsonEducation,Inc.Slide1-16OnValentine’sDaytheU.S.demandforrosesisabout10millionroses.GrowingrosesintheU.S.inthewinterisdifficult.•Heatedgreenhousesshouldbeused.•Thecostsforenergy,capital,andlaboraresubstantial.Resourcesfortheproductionofrosescouldbeusedtoproduceothergoods,saycomputers.TheConceptofComparativeAdvantageCop